Madoff's behind bars! Think this will have any impact on future financial criminals?

seyobnats answered 9 months ago …

No! His biggest mistake was in admitting it and in waiting until the last minute before he transferred most of his remaining assets and his $7 million penthouse apartment to his wife claiming they were hers. Absurd! The government wilol likely seize most of these assets as he transferred them so recently.

Nobody seems to be interested in jailing the perpetrators of the packaging of sub-prime mortgages into "collateralized bonds". The collapse of this house of cards was inevitable as it had no solid foundation in good business practice but was a scam of much bigger proportions than anything Madoff did. How about these guys who robbed the entire nation! When do they go to jail? Nobody even seems to care!.

Then we should prosecute the commedity speculators who, based entirely on fictitious crude oil reserve forecasts, were able to drive up the cost of crude futures to $145.00/bbl and gave us gas at $4.25/gallon. What they did almost destroyed our orderly food price structure by dramatically increasing food production and transportation costs and causing widespread heating oil price distress for millions of homeowners this past winter. Who is going to jail these thieves? Maybe Obama should consider outlawing hedge fund commodity speculation if no prosecution here is likely.

Then there are the hedge fund bears who have greedily feasted on the stock market with their multitude of nefarious stock index derivative products. ETF's have destroyed the integrity of stock investing to the point where everyone asks "Why buy stocks? They are a fools bet!" And half the stock market value has been stolen by the "Shorts". Let"s do away with ETF's and hedge funds and restore the simplicity and integrity of the pre-derivative stock market! Until then,"Happy stealing!" Poor Bernie Madoff. He got caught. Hundreds of other market thieves are laughing!